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Using Everyday Tech To Reduce SME Expenses
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Without constant vigilance, companies can rather quickly find themselves in noncompetitive situations due to high overhead costs. Maintaining a sustainable cost structure is critical, especially for small- and mid-sized businesses who simply cannot afford to make costly mistakes. But creating sustainable processes doesn’t have to be a time-consuming exercise. More often than not, it can be done through leveraging existing technologies and making smarter decisions when deciding where to allocate funds. Here are 3 areas where many businesses will find efficiency gains easy to come by:

Marketing

Approaches to marketing have drastically evolved since the advent of the world wide web, to the extent that today there is such a term as ‘offline marketing’. Small- and mid-sized businesses which have yet to jump on the Internet marketing bandwagon are missing the potential of fast-paced, high-impact, low-cost marketing. Business blogs, social media marketing and online partnerships have the potential to see a relatively quick response with minimal investment. Small Business managers who have yet to fully immerse themselves in the world of web marketing need not worry about making financially costly mistakes early on, as many of the most powerful web marketing tools out there – Linkedin, Twitter, Facebook, Google Analytics – are completely free to use.

Business Travel

Opting for less expensive flights and hotels on essential travels, and cutting out business trips that don’t generate revenue are great first steps towards reducing overhead costs for your small business. There are a number of affordable teleconference services on the market that give SME owners the ability to conduct conference calls with multiple parties, without needing to invest in special telephone or bridge line equipment. There are also a number of cost-effective Web conferencing tools – like GoToMeeting –  that allow you to connect with team members located all over the world.

Telecommunications

Technology advances over the course of the last few decades have had a profound effect on the telecommunications sector. Today, traditional telephone lines (i.e. landlines) almost always comprise a pricey & unnecessary business expense. Small- and mid-sized business owners who opt to use VoIP-based phone lines instead can drastically reduce their recurring business costs. In the past, smaller businesses have shied away from IP-based telephony alternatives on the basis that they did not have the in-house technical expertise to reliably manage an IP-PBX system. The arrival in recent years of user-friendly hosted & CPE IP-PBX solutions means businesses lacking IT support can nevertheless enjoy the cost-savings inherent to Voice over IP communications.

Although the implementation of some cost-reduction strategies can be daunting and time-consuming, the approaches discussed above can go a long way in helping small and mid-sized businesses achieve healthy sustainability in a relatively quick, convenient fashion.